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of that fiscal cliff to a gentle, let's say, bunny slope. we have a fragile economy, but it's accelerating and it's predicted as this year to grow. it grew at 2% to goh at 3% or more this coming year so you want this skier, so to speak to go down the slope and pick up speed so when you do come to the grand bargain that has $3 trillion of debt reduction. all they've got to do is shoulder 1 billion, changing the scale and put the rest of that in the following nine years and that's something that they'll come up with. >> where do they find it? there are various places, and just that, there's $118 billion if you didn't do the payroll tax extension holiday and if you didn't do that at $250,000, that's almost the same equivalent amount or if you wanted to step back and say hey, let's make sure that these defensive, domestic sequestration cuts of $100 billion and half of that and you can take smalles poohes of that and come up to $100 million and know that it will grow close to 3%. that's the key, and that's why they're behind closed doors today. coming up with that, you don't have to have it done by ja
-called fiscal cliff, our economy is coming back, but it's still very tenuous. this is the last thing that we want to see happen, and both sides need to get together and work this out. >> mayor parker, have you taken a stand on where you think the negotiations should go at this point? whether it be on the union side or the maritime side? >> i'm a big believer of doing negotiating at the bargaining contain table. i have to do a lot of negotiations with my unions. they just need to get back together and work this out. the crux of the matter is on royalty payments that were put in decades ago to soften the blow of moving to automated containerized ar ccargo. it's certainly time to move forward to a new agreement. you can't just cling to the past forever, but both sides are going to have to give and move this forward. this is bad for the u.s. economy. and it will have ripple effects around the world. >> mayor parker, thank you for your time. >> we're down 83 on the dow. let's get a market flash back at hq. brian? >> simon, some pending home sales came in high. in fact, the highest level in two an
deal that addresses only the major parts of the fiscal cliff from taking effect. >> we have got to get on a larger agreement, to make sure we sustained a very fragile economy, tried to get it to move faster, and deal with the long- term deficit. >> those decisions may not happen until 2013. a smaller deal would be temporary, sending congress back to work on the details next year. >> i am not ok with them waiting six months or year kick to get things done. >> jake sherman of "politico" predicts that we will go over the cliff. >> we will not see the government shut down our people not be able to pull money out of banks are things like that. >> still a tough sell for constituency growing tired of the political back-and-forth. >> let's get some things set in place and up and running. >> 1 line of thinking on the hill -- there are many -- if we do go over the cliff that would reset all of the tax issues suchissues. what we do know, the clock is ticking and the waiting game continues, with the house not even scheduled to be in session until sunday afternoon. live of the capitol, steve chenev
our economy back into the recession if we go over the fiscal cliff. >> but ali, neither side is budging much. you have been reporting on it for the last couple of hours. friday though, president obama said that he was optimistic that the two sides could reach a deal. this morning, he sounded less positive though. >> if, you know, if people start seeing that on january 1st, this problem still has not been solved, that we haven't seen the kind of deficit reduction that we could have had, had the republicans been willing to take the deal they gave them, and if they say that people's taxes have gone up which means consumer spending will go down. >> and keep in mind that the senate is the first hurdle. any deal has to pass the house. we are not into the senate yet and the republican speaker john boehner plablamed the crisis one president saying he the one who has never found a way to say yes. >> so you are in new york and i'm in atlanta, and we get to washington now, because the senior congressional correspondent dana bash is closely following the negotiations from capitol hill, a
, but the republicans win because the economy is going to go out yet another fiscal cliff. george w. bush is not the president. obama is the president, he is not putting forth proposals to work with republicans. he will have to take ownership of this. they need to come up with a cohesive message about real economic growth and shrinking the size of government. they don't have a message and that is going to be the big question about who wins and long-run. jon: if we go over the cliff, i mean, everyone's paycheck, just about -- come january 1, it will be shrunk because government is going to be taking a much bigger chunk out of it. that will infuriate people. are they going to be blaming president obama? >> well, they won't be blaming president obama because polls show that they are blaming republicans. republicans are not really coming to the table. we had an election, and we had an election where voters clearly supported the president. jon: he got 50.96% of the population. >> he got over 300 electoral votes. romney only have one battleground state. tons of senate victories, again in the ho
the fact that if we go over this fiscal cliff, the press to deal economy, just barely recovering, is very strong. the risk to people is as though they are playing tug of war with the american economy and a country that's going to get hurt. beyond that, as soon as we get through to the fiscal cliff with sensible policies, but also replacing it with sensible ways to deal with the fiscal charges of the debt, it looks as though we're not going to be able to do anything to tackle those challenges right now and that is a partisan environment in washington getting worse and worse leaving us with questions about whether these guys are actually able to govern. host: that is what is written about on the front page of "the new york times" this morning. guest: i feel like we're watching a game of a finger pointing. there is little discussion of actual public policy, but both sides are shouting louder and louder that it is the other sides fault, pointing fingers. what if any other business environment work this way? both sides tried to cast blame instead of working together? at this point, the level o
. we have 1400 employees around the world. the fiscal cliff is scary. another recision, higher unemployment, economic slowdown. tax money taken out of the economy. those are major concerns. we're going to have to react as a business and it could result in cut backs. the fiscal cliff was meant to be something that nobody wanted to go anywhere near and here we are about to go off it. we really need our elected officials to figure this out, keep our economy growing and gives us some certainty about the future so we can make our plans as business leaders. we're all having such a great year in the gulf, we've decided to put aside our rivalry. 'cause all our states are great. and now is when the gulf gets even better. the beaches and waters couldn't be more beautiful. take a boat ride or just lay in the sun. enjoy the wildlife and natural beauty. and don't forget our amazing seafood. so come to the gulf, you'll have a great time. especially in alabama. you mean mississippi. that's florida. say louisiana or there's no dessert. brought to you by bp and all of us who call the gulf home.
on the horizon. right now, the country's attention and that of the media is on the fiscal cliff, and i understand that. economy of the nation and the world may be at stake here. i think that sooner or later, there will be some kind of an agreement. will we are talking about here is a fundamental change in the ruling, the possibility of a fundamental change in the way the senate does business peeping basically changing the rules of the senate from either 60 votes, sometimes 67, to 51 votes, which would make as no different than -- make us no different than the house of representatives, and of course would reduce us in many respects not to irrelevance in the minority party. here is the problem. on one side, the majority leader and the democrats are frustrated by their inability to move forward with legislation. every time there is an opposition to a motion to proceed, which takes days and then they proceed, and that has made the united states congress -- one of the reasons why the united states congress is judged the least productive congress since the year 1947. so, understandably the majority is
troubles for the u.s. economy if a deal to avert the fiscal cliff cannot be reached. jpmorgan's chief u.s. economist will join us live a little later on to explain the biggest risks in his view now that investors face. we're back in two. >>> if lawmakers fail to create a plan to avoid the fiscal cliff by january 1st, federal work study will be cut by over $76 million. and over 51,000 fewer students would receive aid. [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. i'd like to be optimistic. but it looks like they're going to blow. >> the real linchpin is whether john boehner can bring his troops along. that's a real tough one
, the u.s. economy is on the verge of taking off. but the fiscal cliff mess could get in the way. how much could eexpect in 2013 with a deal or without a deal. well, i guess i can double check... my watch! [ male announcer ] it pays to double check, with state farm. so, the 5.3-liter v8 silverado can tow up to 9,600 pounds? 315 horsepower. what's that in reindeer-power? [ laughs ] [ pencil scratches ] [ male announcer ] chevy's giving more. now through january 2nd, no monthly payments until spring for qualified buyers. get the silverado for 0% apr financing for 60 months plus $1,000 holiday bonus cash. plus trade up for an additional $1,000 trade-in allowance. >>> welcome back to "your money," we welcome our viewers here in the united states and around the world. breaking news on the fiscal cliff. there's been a significant snag in the negotiations with just fewer than two days remaining to go. about 36 hours remaining on the countdown clock. dana bash is on capitol hill with latest. dana, what have you got? >> this kbifs you a good sense of where things stand. they're at a standstill. you
to that grand bargain that the fiscal cliff, which is part of that $700 billion being pulled out of the economy would have been part of that overall agreement. it's not. this is not kicking the can down the road if and only if they first get the $200 billion, that is all the debt reduction we can afford this coming year and then do the grand bargain and that doesn't have to be completed until near the end of february. that's when we approach the real debt ceiling with the treasury department no longer moving around money. this has to be a one, two step process. if we do not get to the second step, however, you're spot on. this means that our policy makers don't have the political will to do what's right and that is where all credit agencies will downgrade u.s. treasury bonds and that begins the ex-orable slide down to a very sluggish economy and maybe in the longer term losing our superstar economic status. >> not to mention all this time we'll be spending on this as time that is going to be taken away from other pressing things that need to get done by the congress in this new session. thank y
, jeff. >> as we avoid the fiscal cliff and the economy picks up, and big ifs, which industries stand to add the most job? rick newman is here for u.s. news and world report. rick, nice to meet you. >> hi, how are you doing? >> you gave us a list, and interesting to pull out the theme. social networking sites, video game publishing, online payment, definitely a theme here where the growth is at. >> heard this the last couple years, obviously, it's digital, digital, digital, and real estate on the list as well. social networking. it's not a 235d, but -- a fad, but here to stay, and mobile devices, social networks follows. news sites too, not just facebook and twitter, but pinterest. there's smaller ones, niche sites, but the trends is here to stay. >> sustainable building materials, huh? >> i hate to tell you, but it's growing, and it is growing because state and local governments have new standards, not because of washington, anything happening in washington. it's not a stimulus plan, don't worry, but it's new standards. state and local governments needs buildings to be energy first t
of their facilities. >> thank you, barbara starr at the pentagon. >>> "outfront" next, worries about the fiscal cliff wreaking havoc on our economy. stocks down for the fifth straight day. what lawmakers must do to stop the bleeding. >>> we count down our top political rivalries. find out how many of your favorite politicians made this list. ve, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. ...but he'd wait for her forever, for any reason, and would always be there with the biggest welcome home. for a love this strong, dawn only feeds him iams. compared to other leading brands, it has 50% more animal protein. ...to help keep rocky's body as strong as a love that never fades... if he ever lets her leave again. iams. keep love strong. i have a cold, and i
debt ceiling. you think the fiscal cliff thing is bad for the economy. you wait and see if they can't get the debt ceiling worked out. >> right. it's one thing to go over the fiscal cliff. that would be bad. we don't want to it happen. a recession may happen. it would be unfortunate. it's different than the u.s. defaulting on the debt. you know, we saw that back in august, 2011, we saw the downgrade of the credit rating. just by having the threat of not approving the debt ceiling increase and the possibility of default. it comes around again at the end of february, beginning of march. it's a time when there's a deal. if the deal does not include the debt ceiling, more damaging effects on the confidence. >> here we go again. neil irwin, it's good. economic editor. three ways they can mess this thing up next year. thank you so much. we'll talk to you again soon. we are 20 minutes to the top of the hour now. there have been major setbacks in the deal talks. we are just getting this news, a major setback in negotiations over a fiscal cliff deal. senator reid, according to democratic sou
the democratic controlled senate to lead our economy to the edge of the fiscal cliff. congress people from both parties are searching for a bipartisan solution. that is the leadership that america needs, not what we saw from the president this morning ." those of the comments from speaker boehner. the house has gaveled out. we expect them back in about two hours. let's go to newbury port. caller: thank you for c-span. i do not understand where this $250,000 number comes from. i am 70 and have never been asked to make a sacrifice by any congress. it just seems to me that if the average income in most states -- to ask people making $125,000 or more, to ask them to contribute more, that seems to be a no- brainer. i do not see why people in this country are not ready to make a compromise. let's face it, we will either all have to pay slightly more taxes and accept the fact that our benefits are going to have to be lower than they really are -- i am in that bracket of $125,000 to $250,000. i am very comfortable, i could contribute more to the deficit, i just want to make sure that that money goes to
conversations we'll have a bipartisan solution, because nobody wants to go over this fiscal cliff. it will damage our economy. it will hurt every taxpayer, the largest tax increase in history. it will affect everybody, and anyone who is watching who thinks, oh this isn't going to impact me, you will fin out d o will, and we know the problem is a lot of spending. not that we're not taxing people more, we're just spending too much. we hope that the president understands that as for as republicans are concerned, we're willing to negotiate and have a civil conversation, but also he's got to bring in some spending cuts and tax reform, because americans want tax reform and we don't want to hurt the economy, and, look there, are not enough millionaires in the united states to tax them all to be able to spend our way out of this problem. so let's -- let's give up a little bit -- each side can concede a little. and i think we can fin middle ground. i'm optimistic. >> we had your colleague nan hayworth last hour. she was expecting work to be done in the senate. the house did its best, boehn
that happens with the fiscal cliff. >> who gets us through that? anyone left? >> well, your guess is as good as mine. white house people say that obama refuses to negotiate and he believes that the public is behind him, but it is not a compelling argument no the house republica republican, and that is the huge danger that people are focusing on which is the debt limit, because it is not part of the discussions, and that means we will go through it again in 60 or 90 days. >> thank you, josh green from bloomberg business. that is "hardball" for now, and coming up next is "your business" with jj ramberg. that will make it drop over, and over again. ♪ from jammin' jerk chicken, to creamy gouda bisque. see what's new from campbell's. it's amazing what soup can do. see what's new from campbell's. progressive direct and other car insurance companies? yes. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? ye
the fiscal cliff. think of it as, well this way, our economy is in a car headed toward that cliff and there's a lot of stake, including massive spending cuts and social programs and defense, expiration you the bush era tax cut, increases in other taxes on families like the alternative minimum tax and the expiration of the payroll tax holiday, there's this to think of, for 2 million unemployed worker, the loss of unemployment benefits. we have asked experts to join us for a fiscal cliff roundtable discussion, if you will. ron brownstein is a senior -- cnn senior political analyst and editorial director of the national journal and stephen moore, senior economics writer at the "wall street journal" and is in washington, d.c. first up, ron, will, do you think, these politicians reach a deal or not and why or why not? >> the fiscal cliff was yeelted as a doomsday machine to try to give them more will power to do what they can't do on their own, to reach a deal. the reason all of this was here, incentive to reach a deal, some of your guests pointed out during the day, a lot can go wrong when you
to the congressional budget office, a fall over the fiscal cliff, which would happen at midnight tonight, would shrink the u.s. economy next year by a half a percent. unemployment would rise to 9.1%. the bush-era tax cuts would expire, hiking taxes in every bracket by an average of $3,400. americans making between $40,000 to $50,000 a year would see $1,700 in tax increases. millionaires would pay, on average, another $254,000, or about 11% of their income. 30 million more americans will have to pay the amt, the alternative minimum tax, originally designed to impact high-income earners. the payroll tax holiday which helped workers save about $1,000 a year will also end. tax credits from the 2009 stimulus bill will run out as well as several corporate tax breaks that need to be extended on a regular basis. overall, that is more than $550 billion in tax breaks set to expire. but that's only part of it. there's also a series of spending cuts that will also be triggered by the fiscal cliff. $1.2 trillion in sequestration will kick in beginning january 2nd. next year alone, $109 billion will be slashed. hal
congress reaches, it will be a big tax cut. but the other thing about the fiscal cliff is you don't want to be blamed for going over it. it is going to be bad for the economy. it's bad for the country. what speaker boehner's done is create a situation in which we're going to go over the fiscal cliff. but the people who want higher taxes, the democrats, they're not going to be blamed for it. after all, it was john boehner who walked away from negotiations to try plan "b" last week. then it was john boehner who planned to pass plan "b" that very same week. then it was mr. boehner who said it was up to the senate, someone else's problem. just from a pr perspective, what john boehner has done here is a debacle for the republicans. and the white house, they've just been sitting back the last week or so and letting it happen. but today, they gave us their plan going forward. you could call it deal and jam. >> i'm optimistic we may still be able to reach an agreement that could pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but if an agreemen
the fiscal cliff. the hope is both sides can agree to a compromise to prevent the economy from sliding back into recession. judging from the rhetoric on capitol hill, there's a long way to go. here's the day on the hill. >> if we go over the cliff we'll be left with the knowledge that could have been prevented with a single vote in the republican-controlled house of representatives. the american people i don't think understand the house of representatives is operating without the house of representatives. it's being operated with a dictatorship of the speaker not allowing the vast majority of the house representatives to get what they want. >> we're coming up against a hard deadline here, and as i said, this is a conversation we should have had months ago. republicans aren't about to write a blank check for anything senate democrats put forward just because we find ourselves at the edge of the cliff. >> it is somewhat like taking your child hostage and saying to somebody else, i'm going to shoot my child if you don't do what i want done. you don't want to shoot your child. there's no republ
is the fiscal cliff impasse. it's a potentially devastating one-two bunch for the u.s. economy. neither the longshore's union or alliance shipping company would allow anyone to speak on camera. but officials knowledgeable of the negotiations say it boils down to one issue. the key sticking point is the payments that the longshore men get for them. they pay royalties for the containers based on their weight but the shipping companies want to freeze those royalty payments for current longshore men and eliminate them for future hires. the longshore men say the royalties are made to make up for automation. but if the shipping companies lockout the longshore men -- >> that would impact more than containers. that would impact all cargos at ports. that would have a much more impactful reaction. $55 billion worth of cargo in an average month this year. candy? >> brian, i have to imagine retail companies and others who want those goods off the ships and in their stores have to be plenty worried. do they have a plan b to move those goods if there's a strike? >> reporter: yes. some of them do. clo
: maria mow lean a thanks. gregg: the fiscal cliff is not the only threat facing the u.s. economy right now. shipments of all kinds could actually be stuck on cargo ships if a longshoreman strike goes ahead as planned. the stakes for the recovery coming up. patti ann: high noon in those fiscal cliff negotiations. >> nothing have move forward in regards to our budget crisis unless speaker boehner and mitch mcconnell will go forward with our plan. speaker boehner is willing to negotiate, we have not heard a word from mitch mcconnell, and nothing is hang. patti ann: chris vanhollen joins us next. pwhrafp [ woman ] ring. ring. progresso. i just finished a bowl of your new light chicken pot pie soup and it's so rich and creamy... is it really 100 calories? let me put you on webcan... ...lean roasted chicken... and a creamy broth mmm i can still see you. [ male announcer ] progresso. you gotta taste this soup. . patti ann: fox news alert, potentially good news for the nation's housing market. pending home sales, which measure homes that are in contract and about to be sold rose 1.7% in novemb
, for 2013. bill? >> i think it will be a year of foreign policy, all the talk about the fiscal cliff is interesting and we'll stumble along and the economy will stumble along and, i think we will have big foreign policy challenges an crises with respect to iran, afghanistan, syria, and i think that will be the dominant preoccupation of the year. >> chris: when it comes to iran which i know, is still a preoccupation of yours, a year from now will we talk about the diplomatic deal that has been accomplished, military action taken or the fact we are still then same mess. >> i think the military action that will have been taken. >> chris: by us or israel. >> i don't know. >> chris: well that is enough. there you go. senator bayh. >> believe it or tho not, the election is over but another one is always about to begin and i think you will see the vice president, probably making trips, at some point in the first half of the year to places like iowa and new hampshire, just to pick states at random, because he would like to set the stage for the next -- winning the democratic presidential nom
. not just the fiscal cliff with the potential threat to the economy, thousands of dockworkers from maine to texas could go on strike within days if their union can't reach a deal with major shipping companies. these are the workers who move goods from the nation's ports to the stores. >> everybody from your mom and pop retailer to your farmer, to the trucking company who has go in and pick up the containers at the ports. this will be felt not just at the local economy, but nationwide for everybody else who relies on these ports. >> one port official says east and gulf coast ports handle about $55 billion worth of cargo a month so a strike could have a major effect on the retail business. >>> land lines not going the way of the vcr just yet. older americans are slow to get rid of land lines and go mobile. the centers for disease control asked 20,000 households about trends throughout the year. the study found about 52% use cell phones for all of their cal calls, that's less than 2% increase from previous years. the older generation is slower to make the switch. >>> patrick democracy might
.s. stock market. despite all those worries about the fiscal cliff and maybe slower growth in the u.s. economy, the stock market has had a great year. too bad you missed out. the smart money's been in the market. the rest of us have been worried about the fiscal cliff. >> number eight, facebook's ipo. hundreds of millions of people like facebook but investors did not on its first day as a public company. trading glitches at the nasdaq and questions about the company's ability to make money on mobile users pummeled the stock which has yet to climb its way back to its ipo price. >> number seven, mother meyer, the new ceo of yahoo!. 37 years old. looks like a mother's touch is just exactly what yahoo! needed. >> number six, mother nature. an intense drought in the midwest that scorched the soy and corn crop sending prices sky high. who could forget superstorm sandy. neighborhoods swept away, millions without power and damages as high as $50 billion, raising lots of questions about u.s. infrastructure and whether we should be spending some money to fix it. >> number five, china. is chin
's special coverage of the fiscal cliff talks and that was democratic senator joe manchin of west virginia on the floor of the senate earlier speaking on the state of negotiations. joining me now, congressman tom cole, deputy majority whip in the house of representatives. good to see you, congressman. >> good to see you. >> does joe manchin have a point? >> no, of course not. quite frankly, we've gotten big deals done with the president before. the budget deal in april of 2011, the debt ceiling deal, the free trade agreements, the student loan, the transportation. but the negotiations have always been hard, tough, contention, for two reasons, two sides fundamentally disagree. second, quite honestly, democratic friends particularly the president never gotten serious about spending cuts. if they get all of the revenue they ask for won't come close to dealing with the fiscal issue. >> well, clearly democratic colleagues have a different view of that. let me play what chris van hollen said a short time ago. >> so far, speaker boehner has been held captive and is imcomplicit in many ways with t
, an active government. remember, the economy was going off a cliff. a real cliff. and not a symbolic fiscal cliff. i mean, but it was a real economic cliff, over which we had no control at all. he took the reins and prevented another great depression. we had a very, very deep recession and we are still in the gravitational pull of that deep recession, but a lot of conservative republicans, many of whom had been elected in 2010, they looked at what president obama had done with regard to the stimulus package, and everything else, and they said, this is simply too much government. we hate government, we don't want government. and we were elected on a very ideological platform of shrinking the federal government. of kind of an anti-government obsession, of the sort that we haven't seen in this country in decades. >> all right. well, we're looking for the isaac newton to free us from that gravitational pull of these republican ideologues. robert reich, thank you so very much. and our sincere apologies to amanda turco of "the huffington post," who was unable to join us due to technical difficult
of the fiscal cliff, we may go through this all over again. it's another drag on the markets and on the whole economy at exactly the wrong time. >> when you say drag, though, give us an example of what you mean. we talked about january 2nd, everybody goes back to work and markets open. are we going to see a lot of volatility. all of a sudden it crashes down at once. what happens to wall street. >> we're going to see a lot of volume activity until the issues get resolved. it's not as if the borrowing limit directly affects companies represented in the stock market, but the problem is that washington is the whole story right now and there's so much unpredictability about the economy. u.s. treasury securities are the biggest class of securities in the world. it sort of affects everything else about the markets, the financial markets, interest rates. and if we don't quite know what's going to happen in that bedrock market, which provides a lot of liquidity, it affects everything else. there's also a psychological component, which standard & poor's hinted at. the fact there's so little confidence
that happens is hit the sequestration, the things that the fiscal cliff will bring of the that's why. i'll take the medicine, the pain now for a healthier economy going forward. >> kelly: there are a lot of economists who agree because they're saying if we go through this, it will be pain for everybody, 2,000, $4,000 added to our tax for the next year or so. and potentially, after that we will rebound and all those automatic spending cuts will go into effect. >> juliet: we've been following this drama involving hobby lobby. the company plans to defy a federal mandate that came out. it required it to offer the morning after pill. and hobby lobby, the owners of the company say, but they don't want to do that. it defies what they believe. they're going to be defying this order. they're going to risk fines of up to $1.3 million per day because they said on principle, we can not do this. >> kelly: here is the reason why. they're a faith-based organization. even though they're in business. this is a faith-based business and this would go against their belief that they should not be involved in this k
to avoid the whole fiscal cliff and the president has never called for the senate to act on those bills. he simply has allowed the democratic controlled senate to sit on them and lead our economy to the edge of the fiscal cliff. i am pleased senators from both parties are currently working to find a bipartisan solution and finally passed the chamber. if that is the type of leadership american needs, not what they saw from the president this morning. the words of the speaker of the house, john boehner. the senate and house are in today. the senate gavelled in 10 minutes ago. on their agenda today is a couple of nominations, nomination votes at 2:00 p.m. eastern. forn they will gavel iout about an hour to discuss possible solutions to the fiscal cliff. the house will come in at 2:00 p.m. eastern. they have 14 suspension bills on the agenda this afternoon. we expect them to come in at 2:00. vote's expected 6:30 eastern. we will have live coverage on c- span. representative ron paul, former republican candidate, wraps up 24 years in the u.s. house. the baltic and look next at his farewell speec
forward and pass whenever bill is necessary so we can avoid this fiscal cliff. if we do not do that, it will result in the economy, a tepid recovery we are having to go into recession. we do not want that. host: thank you for the call, justin. a few comments on our facebook page -- we are taking your calls and tweets and facebook messages all morning on this segment and the next segment about the fiscal cliff. we will go to franklin from georgia on the democratic line. good morning. caller: good morning. i like to tell congress, congress is a mano kolinsky for the lobbyists. we have to deal with that. -- monica lewinsky for the lobbyists. we have to do that. they are putting money in their pockets so they can take vacations and revitalize their homes. host: do you think this fiscal cliff nonsense is to make more members of congress money. caller: yes. anytime you can say that corporations are people, you have already gone against -- i am talking about what the forefathers said. when they said that liberty and pursuit of happiness -- the two- party does not -- the tea party does not
cliff we know it will take some dollars out of the economy, whether it is higher taxes or entitlement cuts. it will create a little bit of a shock to the economy but there are bright spots we should look for in 2013. harris: there are three you said. what are they? >> housing, energy and huge amount, trillions of dollars sitting on the sidelines by corporate america, waiting to come into the economy once this picture clears up. harris: we're getting housing numbers coming this week already. we're starting to see prices rose a little bit this fall. that is a good sign. we're seeing housing starts have come up as well. so i understand that. energy. >> energy is a game-changer, it really is. we look what is going on around the world. the europeans, far east, they're paying over $17 a btu for natural gas. we get it for $3 in this country. dow chemical just proposed building the largest chemical plant it has in the world here in this country because of the competitive advantage of natural gas. imagine if we could liquify, ship it to europe, ship it to the far east. not only would we have a
the fiscal cliff with a big debt deal. and they're once again starting to talk about the debt ceiling as something that it's not at all clear will be raised in a responsible way. and by responsible, what would happen is they raise the debt ceiling in return for putting in place budgetary changes. but if there's a real threat of not raising the debt ceiling, there's just too much uncertainty right now which could rattle markets and harm the economy. so i'm worried about holding the country hostage on that. i would much prefer to put in place a comprehensive debt deal in advance of that and raise the debt ceiling at the same time. >> all right. well, i know you keep an eye on this better than just about anybody out there. myra mcguinness, thank you for your time. i know we'll be talking to you down the road. >> thank you. >>> let me turn now about 18 minutes from now i'm going to get up here. craig melvin is going to be in the chair. craig, good morning to you, kind sir. how you doing? >> good to see you over there, my friend. >> good to see you, my man. >> welcome welcome. coming up ne
if the country goes over the fiscal cliff. it is a cliff that lawmakers built, they have set the tuesday deadline and knew it was coming for more than a year, but until now, even now they have done precious little to agree on taxes and spending cuts by that time. keeping them honest, the people in this building have known what is coming on tuesday, yet they're only returning to get to this building to get back to work just now. senators came back yesterday. house members? well, they wouldn't be back until sunday. this afternoon, house and senate leaders met with president obama at the white house. they talked for about an hour. afterwards president obama said he was modestly optimistic. by passing house speaker john boehner who has had trouble getting his fellow republicans to agree to anything, the president called on senate majority and minority leaders harry reid and mitch mcconnell, to lay out a deal. >> if we don't see an agreement between the two leaders and the senate, i expect a bill to go on the floor. and i have asked senator reid to do this. put a bill on the floor that makes sure that
saying he is not overly optimistic that a deal will be reached to avoid the so-called fiscal cliff. even if they get something passed here there are other challenges that our economy will face. global powers like china and europe and japan are having major problems of their own. that could affect the way they do business with us. joining us is to talk about, ed, good to see you. biggest problem some of these governments to stimulate their economies, die let's just print a bunch of money. that has catastrophic events with them and even with the united states that may tried traded with them. >> that seems to be just to print money. that is not how it works. when somebody prints money, it's devalues their currency which makes anything they want to export or anything that they are importing more expensive. that is why your food is more expensive because we imported a lot of that. that is why energy is more expensive because we import a lot of that. if every country is doing that, its race to the bottom how quickly they can devalue their currency. >> we trade with so many different nations. w
what the fiscal cliff is. you have to understand that the president is telling you that it's a cliff and it's bad and everybody on television thinks, it's terrible to go over the cliff. what is the cloy in taxes going up b you if it's bad for taxes to go up for a bunch of people, why is it good for taxes to go up only on a smarl portion of people? you said, with they're rich, they can afford it. here's the problem. the rich pay most of the taxes in our country. the tap 2% pay half of the taxes so what you're saying is, they're rich and they can absorb it. but that's half of the nation's income will have increased taxes. you will take money from the productive sector, which is the private sector, and you will put it into the nonproductive sector, which is washington. so if you want ditching to dug and then to be filled up again, send more money to washington. but if you want jobs to be created, if you want the economy to thrive, you should want to leave that money in your community. it shouldn't matter to you whose money it is or who has it. you want that money, in my case we want tha
the fiscal cliff. our political panel is going to weigh in on the chances for a deal. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> the pressure is on as harry reid and mitch mcconnell race against the clock to find a fix to the fiscal cliff. joining me are cnn contributor and democratic strategist maria cardona and republican strategist ron bonjin. good morning to you. >> good morning. >> good morning. >> ron, i'll start with you. reid and mcconnell, they really are the focus in the senate. in the house, it's speaker john boehner. i've got to ask you, is his job on the line if republicans balk at any deal that's reached? >> no, not at all. speaker boehner is extremely strong. his conferences support him and knows that he's been in a tough position trying to negotiate the fiscal deal with the president. he's be
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